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Wednesday, 24 February 2016

BEARS CONTINUED TO CONTROL BULLS AHEAD OF F&O EXPIRY & RAIL BUDGET

SELL SIEMENS BELOW 993 TGT 987/975 SL 1010

Weak
global markets dragged benchmark indices BSE Sensex and NSE Nifty down over 1
per cent on Wednesday All but one sectoral
indices on Nifty in the red. Sensex dropped 321.25 points to 23088.93
and the NSE Nifty slipped 90.85 points at 7018.70. Banks, auto, IT, financial services stocks lead
fall. ​TCS
contributes to 7 points drag in Nifty, ITC 11 points. Asian
markets ended mostly lower on Wednesday as hopes for a coordinated production
cut by OPEC faded and investors fretted over additional pressure on bank
earnings in 2016.The India
Volatility Index, which measures implied volatility of stock options, closed at
23.83 up 13.4 %. VIX is often seen as a gauge of investor fear.Stocks
of the Railway sector-linked companies were in focus ahead of the rail budget
to be presented on Thursday. Stocks of Kalindee Rail Nirman (Engineers),
Siemens, Sanghvi Movers and Titagarh Wagons were tradingdown . The rupee on Wednesday lost 6 paise to
68.64 against the dollar in early trade at the inter-bank
foreign exchange market due to appreciation of the US
currency overseas. BHEL
stock was the top loser on both the benchmark indices and shed 5 per cent. Sugar stocks soared after prices hit a 22-year high
in global markets. Fall in global markets on oil rout dampened
sentiment again. Railway Budget and expiry of February derivative contracts
will be closely watched on Thursday.GAINERS: BPCL, Power Grid,
M&M, Bharti Airtel, Axis Bank, Yes Bank, Asian Paints and Bank of Baroda